Last Updated on February 4, 2026 4:47 pm by INDIAN AWAAZ
A R DAS
Union Commerce and Industry Minister Piyush Goyal has said that the historic India-US trade deal is a significant step towards strengthening relations between the two countries and advancing the journey of India towards Viksit Bharat by 2047. Making a statement in the Lok Sabha, Mr Goyal said, during this trade agreement, India has been able to successfully safeguard its interests in sensitive sectors, particularly agriculture and dairy.
He said, on 2nd February this year, Prime Minister Narendra Modi and US President Donald Trump held a telephonic conversation on several bilateral and global issues. Mr Goyal said, following these talks, President Trump announced a reduction in tariffs to 18 per cent on Indian exports to the United States. He said, this rate is comparatively lower than the tariffs imposed by the US on several other countries, which will enhance the competitiveness of Indian exports in the US market.
Speaking about the benefits of the trade deal, Mr Goyal said, this agreement will open new opportunities for Small and Medium enterprises, MSMEs, skilled workers and industry. The Minister informed the House that the deal was concluded after several rounds of deliberations spanning nearly a year and during which several key areas of the bilateral trade agreement were finalised. The Minister said the deal reflects the deepening engagement between the world’s two largest democracies. Mr Goyal made the statement amid opposition uproar.